It's finally happening: Netflix is canceling shows. Following the cancellation of "The Get Down," Netflix has pulled the plug on "Sense8," the sci-fi series from the Wachowskis and J. Michael Straczynski won't return for a third season.

"After 23 episodes, 16 cities and 13 countries, the story of the Sense8 cluster is coming to an end. It is everything we and the fans dreamed it would be: bold, emotional, stunning, kick ass, and outright unforgettable. Never has there been a more truly global show with an equally diverse and international cast and crew, which is only mirrored by the connected community of deeply passionate fans all around the world. We thank Lana, Lilly, Joe and Grant for their vision, and the entire cast and crew for their craftsmanship and commitment," Cindy Holland, vice president of Netflix original content, said in a statement.

In a conversation with CNBC's Julia Boorstin, Netflix CEO Reed Hastings said the streaming platform had too many hits on its hands, when asked about the big budget swings Netflix has taken. While Netflix doesn't release viewership data, Hastings said and that you can tell when the show is a hit with viewers by whether or not it's canceled.

"What really matters is I hope our hit ratio is way too high right now," Hastings said. "So, we've canceled very few shows...I'm always pushing the content team, we have to take more risk. You have to try more crazy things, because we should have a higher cancel rate overall."

CORRECTION (June 2, 2017, 2:20 p.m. ET): An earlier version of this story reported "Sense8" won't return for a second season. This has been corrected to "Sense8" will not return for a third season.